A credit score is a number that represents your credit worthiness as a borrower. The better your credit history is, the higher your credit score will be. Having a high credit score lets lenders know that you make repayments on time and you can manage your credit well.
Your credit score is important for a number of reasons:
1. It can give you an idea of how credit providers may assess your application for credit.
2. It provides you with an opportunity to take actions to improve your score, increasing the chances that your future applications will be approved. 3. Having a better credit score may also give you access to better offers.
You can see your credit score here. It only takes a minute to check your score.
Have your driver's licence number handy, as we will need it to verify your identity and to access your credit report from Experian.
Checking your score won't impact your credit score. Get started now!
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SocietyOne has partnered with Experian, one of Australia's three official credit reporting bodies, to help our customers access their credit score information.
By creating an account with us, and with your consent upon activation of our account, you are authorising us to use your information to obtain your credit score from Experian.
Experian collects information from a number of different companies that provide credit, such as banks, utility providers, telcos and insurance companies, to deliver your credit report and calculate your credit score.
No. Checking your credit score does not affect your credit score.
While your credit score is an indication of your credit worthiness, which is important to your credit application, it is not the only factor considered by credit providers when assessing your application. Your credit application may be declined if:
1. You can't service the loan repayment.
2. You’re currently using too much credit.
3. You are considered to be too risky.
4. You don’t meet requirements set by the credit provider, such as citizenship, age and employment.
In addition, lenders may also refer to data beyond the Experian credit report, for example credit information from other bureaus, and your bank statements, to make the final credit decisions.